BDC Capital spinout Amplitude Venture Capital has hit its C$200m target for the final close of its debut fund targeting Canadian healthcare companies.
Firm partner Jean-François Pariseau said, “In under 20 months we’ve exceeded our raise target and attracted investment from across the country and internationally.
“We’re proud to add leading new limited partners like the Royal Bank of Canada to our syndicate and to draw participation from entities new to the Canadian biotech scene like Alexandria Venture Investments and Cathay Capital.”
BDC Capital acted as a cornerstone investor for the vehicle through backing in late 2019, a year after Amplitude was launched by BDC’s former healthcare investing team.
The Amplitude team managed a C$270m healthcare investment portfolio from 2013 to 2018 as part of BDC, with standout investments including growing billion-dollar biotech businesses Clementia and Zymeworks.
Other LPs backing the Amplitude fund include Fonds de solidarité FTQ, Teralys, Investissement Québec, and Caisse de dépôt et placement du Québec.
The fund’s first investment, Repare Therapeutics, has now gone public with a current value of $1.5bn.
Since funding Repare Amplitude has added nine other companies to its portfolio including Giiant Pharma.
Fellow Amplitude partner Dion Madsen said, “We set out with the audacious goal of raising a C$200m precision medicine fund – a novel concept two years ago in Canada – and to put that capital to work with leading Canadian scientists and technology to help change lives.
“We have strong support from our investors, a high-potential portfolio which we’re actively expanding, and an outstanding team driven to grow the best Canadian science into world class companies.”
Pasadena-based Alexandria Venture Investments – the venture arm of Alexandria Real Estate Equities – joined the fund as an LP in the final close.
Conley Jones, senior science and tech associate at Alexandria, said, “We’ve witnessed the recent growth of the Canadian life sciences sector and have been very impressed by both the quality of innovation and pace of venture creation happening nationwide.
“Given Amplitude’s historical performance, long-tenured expertise and reputation as a leading Canadian life science venture fund, it made a ton of sense for us to join their high-quality LP syndicate.”
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